NSE IPO Finally Gaining Ground — Merchant Bankers Selection on the Cards

After years of false starts, regulatory hurdles, and governance controversies, India's most anticipated IPO is finally showing real signs of life. The National Stock Exchange — the country's largest and most dominant stock exchange — is moving decisively toward its long-awaited public listing.

According to sources, the NSE IPO committee is expected to meet this Friday to begin selecting merchant bankers who will manage the proposed offering. Around 20 to 25 investment banks have already made presentations to the exchange, pitching for a role in what promises to be one of the biggest and most high-profile IPOs in Indian market history. Nearly 20 bankers, including several global investment banks, are expected to be shortlisted for the mandate.

Why This Matters

The selection of merchant bankers is not just a procedural formality — it is the first concrete, actionable step in restarting a listing process that has been stuck in limbo for several years. Once appointed, these bankers will work with NSE to define the IPO structure, arrive at a valuation, and prepare the regulatory filings required for a public listing.

For context, NSE's IPO journey has been one of the most dragged-out sagas in Indian capital markets. Governance controversies, a co-location scam investigation, and prolonged regulatory scrutiny from SEBI kept the listing on hold far longer than anyone anticipated. The fact that the process is now moving to merchant banker selection suggests that many of those roadblocks may finally be clearing.

What Comes Next

Once merchant bankers are appointed, the real work begins. NSE will need to file its Draft Red Herring Prospectus (DRHP) with SEBI, undergo regulatory scrutiny, and complete the full IPO preparation process — which typically takes 9 to 12 months from start to finish.

Given NSE's scale — it handles the overwhelming majority of equity and derivatives trading volume in India — its valuation is expected to be enormous. Market estimates have previously pegged NSE's worth anywhere between ₹3.5 lakh crore to ₹4 lakh crore, though the final number will depend on market conditions and banker assessments at the time of filing.

The Bigger Picture

NSE going public would be a landmark moment for Indian capital markets. It would mean that the very infrastructure powering India's equity markets — the exchange itself — would be available for retail and institutional investors to own a piece of.

For the unlisted share market, NSE Unlisted has long been one of the most traded and most talked-about names. Those who have held NSE shares in the unlisted space have been waiting years for this moment. If the merchant banker selection goes ahead as expected this Friday, the countdown to India's most anticipated IPO may have finally, officially begun.

Stay tuned for updates as the NSE IPO process develops